House Prices

Powerhouse regions continue to rise

Spring sees New Zealand’s housing market splutter back into action as seven regions hit new asking price records, the latest Trade Me Property data shows.

Thursday, November 10th 2016

According to the data, the national average asking price rose by 2.9% in October to new high of $618,000.

This is up from September’s average asking price of $600,850 and is a year-on-year increase of 8.1%.

Head of Trade Me Property Nigel Jeffries said the market was coming back to life and that over $17,000 has been added to the average asking price over the last month.

The unrelenting march upwards of the Auckland property market continued in October with a 2.9% increase in average asking price, he said.

Auckland’s average asking price hit a record $897,300 in October, as compared to September’s $871,800.

This is a year-on-year rise of 13.2% and an increase of $380,000 over the last five years.

Jeffries said Auckland’s $380,000 price jump eclipses the current median expected selling price in five regions around the country - Gisborne, Manawatu, Southland, Taranaki and the West Coast.

However, the “Auckland effect” meant that six regions recorded new record average asking prices in October, he said.

They were the Bay of Plenty, Canterbury, Marlborough, Nelson, Waikato and Wellington.

“The ripples from the Auckland effect saw those six regions feeling the direct result”, Jeffries said.

“The Waikato experienced the biggest leap, landing at $485,600. That’s a 4% lift in the last month and a 25% boost over the past 12 months.

“In dollar terms, that’s almost $100,000 added to the bottom line in only a year.”

While the Waikato market saw the biggest year-on-year growth in average asking price, it was followed by the Bay of Plenty which saw growth of 16% and Northland which was up by 14.6%.

Only two regions saw a year-on-year decline in price growth. They were the Hawkes Bay (down 6.1%) and the West Coast (down 10.8%).

Jeffries said that, overall, the rest of the country saw pretty strong activity.

But average asking prices for urban properties – apartments, townhouses and units – are struggling to keep pace with traditional houses, he added.

“In the urban property market, units are the only property type keeping up with the traditional housing market with strong lifts in average asking price in both Auckland and Wellington.”

Comments

No comments yet

Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

More Stories

Support for regulation

Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.

A better investment market

Thursday, March 14th 2024

A better investment market

“Reinstatement of interest deductibility starting from the new tax year on 1 April brings property investors back in line with every other business in the country, where interest costs are a legitimate deductible expense," Tim Horsbrugh, New Zealand Property Investors Federation (NZPIF) executive committee member says.

[OPINION] Recessionary times

Thursday, March 14th 2024

[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

Interest rate expectations: It’s not over yet

Thursday, March 07th 2024

Interest rate expectations: It’s not over yet

Most Kiwis think interest rate increases have peaked.